Gold Prices Log Weekly Loss, US Bullion Coins Mark Strong Sales

by Bullion Prices Staff on May 26, 2012

Gold prices advanced for a second session Friday but gains were insufficient to pull them into the black for the week. Other precious metals followed suit on the day and week. Across those metals, weekly New York futures losses included 1.4% for gold, 1.1% for silver, 2.3% for palladium and 2.2% for platinum.

On Friday, gold prices for June delivery gained $11.40, or 0.7% to $1,568.90 an ounce on the Comex division of the New York Mercantile Exchange.

Despite losses this week, many analysts expect gold to rebound next week, according to the Kitco gold survey.

"In the Kitco News Gold Survey, out of 33 participants, 23 responded this week. Of those 23 participants, 15 see prices up, while five see prices down, and three are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

Despite a lower close on the week, some market watchers said gold’s strength above the $1,520s area is a positive sign which may signify continued gains next week."

In other New York futures on Friday, July silver prices rose 22.9 cents, or 0.8%, to $28.39 an ounce, June palladium prices added $2.50, or 0.4%, to $590.00 an ounce and July platinum prices gained $4.10, or 0.3%, to $1,426.50 an ounce.

The following grid offers precious metals futures on a daily basis along with the most recent day’s gains and losses.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Losses
($/%)
July Silver Prices $28.32 $28.18 $27.52 $28.16 $28.39 -$0.33
-1.1%
June Gold Prices $1,588.70 $1,576.60 $1,548.40 $1,557.50 $1,568.90 -$23.00
-1.4%
July Platinum Prices $1,461.50 $1,458.40 $1,414.10 $1,422.40 $1,426.50 -$32.80
-2.2%
June Palladium Prices $610.80 $615.55 $591.10 $587.50 $590.00 -$13.60
-2.3%

 

Precious metal futures remain lower for the month with losses of $95.30, or 5.7% for gold, $2.63, or 8.5% for silver, $92.35, or 13.5% for palladium and $145.40, or 9.2%, for platinum.

United States Mint Bullion Coin Sales

Sales were healthy for a second straight week for both gold and silver bullion coins issued by the United States Mint.

In silver bullion coins, the Silver Eagle rose 812,500 this week. While that was lower than last week’s total of 1,030,000, last week’s amount was abnormal in the sense that it was the best since the week of January 16. January 2012 ended with sales of over 6.1 million, the second best monthly amount of all-time.

In 24-karat gold bullion coins, the United States Mint sold 2,500 Gold Buffalo versus 4,500 from the prior week.

In 22-karat gold bullion coins, 12,000 ounces moved for the week against the previous 4,500 ounces.

The most recent bullion coin totals are offered in the daily, May and 2012 sales columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri May 2012 Sales
1 oz American Eagle Gold Coins 3,500 0 1,000 4,000 0 44,000 225,000
1/2 oz American Eagle Gold Coins 2,000 0 1,000 0 0 3,000 54,000
1/4 oz American Eagle Gold Coins 2,000 0 2,000 0 0 4,000 46,000
1/10 oz American Eagle Gold Coins 10,000 0 0 0 0 15,000 150,000
1 oz American Buffalo Gold Coins 1,500 0 0 1,000 0 8,000 63,500
5 oz America the Beautiful Silver Coins 0 0 0 0 0 0 8,000
1 oz American Eagle Silver Coins 477,500 0 100,000 160,000 75,000 2,352,500 14,011,500

 

Notes: The sales of bullion coins above are in numbers sold, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Monday, April 9, 2012. All other bullion figures have an "as of date" of Friday, May 25, 2012, as published on the Mint website.

In the coin news item of the day, two silver coin products from the United States Mint will be released next week. These include the 2012 El Yunque National Forest Five Ounce Silver Uncirculated Coin and the 2012 Star-Spangled Banner Bicentennial Silver Dollar Set. For these release details and a schedule of other forthcoming products in June, read about US Mint coin releases.

London Bullion Prices

Like precious metal futures in New York, earlier fixed London bullion prices were also higher Friday but lower for the week. The following grid offers London PM Fix daily bullion prices with weekly gains and losses.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Losses
($/%)
Silver Prices $28.39 $28.07 $27.76 $28.08 $28.24 -$0.24
-0.8%
Gold Prices $1,592.50 $1,582.50 $1,549.00 $1,568.50 $1,569.50 -$20.00
-1.3%
Platinum Prices $1,458.00 $1,458.00 $1,430.00 $1,431.00 $1,423.00 -$33.00
-2.3%
Palladium Prices $611.00 $612.00 $607.00 $600.00 $590.00 -$15.00
-2.5%

 

For the month of May so far, London bullion prices are significantly lower to the tune of $81.75, or 5%, for gold; $2.96, or 9.5% for silver; $89, or 13.1% for palladium; and $147, or 9.4% for platinum

Refer to this site’s home page for always updated bullion prices and news.

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